--Deutsche Bank Investor Relations
Now we all know that Deutsche is really TBTF because of its systemic importance in Germany. This goes for Germany’s other problem children such as HSN Nordbanken and DEPFA, the issuer of those amazing risk-free pfandbriefe. All German banks are solvent by virtue of their address. I don't doubt this, no matter what Merkel and Schaeuble might say on any given day. German banks don't default on their senior debt or on their uninsured deposits (maybe because this is good public policy?).
P.S.: This story appeared on FT.com just after my post went up. It tends to support my view that uninsured depositors should be cautious in their reliance on European bank financial reporting: http://www.ft.com/intl/cms/s/0/9d58ab6a-9c78-11e2-9a4b-00144feabdc0.htmlftcamp=crm/email/201343/nbe/InTodaysFT/product#axzz2PGeMJ6Sn